Circle Pursues US Trust Bank Charter Following $18B IPO, Aims to Expand USDC Crypto Custody Services

Circle Internet Financial, the company behind the USDC stablecoin, has submitted an application for a national trust bank charter with the Office of the Comptroller of the Currency. This development follows Circle's recent $18 billion public debut, highlighting its strategy to serve as a regulated conduit between traditional finance and the digital asset ecosystem.

Approval would establish the First National Digital Currency Bank, making Circle one of only two crypto-native companies (alongside Anchorage Digital) to hold such a charter. The license would permit institutional crypto custody services but excludes conventional banking operations like deposits or lending.

Currently partnering with BNY Mellon for reserve custody and BlackRock for asset management, Circle plans to maintain these relationships even if granted charter approval. CEO Jeremy Allaire emphasized this strategic MOVE reflects increasing institutional demand for compliant crypto infrastructure as stablecoins gain prominence in payment systems.